Getting loans for visitors at banks is not just a difficult task, but almost impossible. Banking institutions put forward stringent requirements for any borrowers, even for citizens. You need to have an official income, provide a salary certificate, fill out a questionnaire, have a permanent registration address, and often also pledge property. Making a loan at the bank is a complex and lengthy process, and 9 out of 10 foreigners are denied a loan.
The law does not prohibit issuing loans to citizens from neighboring countries, but banks do not risk it, because there is always a chance that the borrower will leave the territory and it will become impossible to collect debt from him. How to get a loan for visitors? The easiest way is to contact a microfinance organization.
MFIs are ready to help
Microfinance organizations, unlike banks, are actively issuing loans to foreigners citizens. Microloans to foreigners are issued for a period that does not exceed the period of validity of registration in the country. At the same time, a citizen of another country can only count on a loan of up to 30 thousand dollars .
The chances of a foreigner to get a loan in an MFI increase if the following conditions are met:
- Long lives .
- Stable work.
- Temporary registration.
- Property owned.
The process of obtaining a loan for visitors is the same as for citizens. Everything is done online in several stages. You need to choose a microfinance organization, select the amount and term of the loan on a loan calculator, fill out a questionnaire, wait for a decision and get money on a bank card.
Important: To obtain a loan, a foreigner must legally be .
A non-resident confirms the legality of his stay in the country. Legality is confirmed by its status: the status of a foreign citizen temporarily residing in the territory, the status of a temporary resident and the status of a foreign citizen permanently residing in the territory . All these categories have different capabilities when contacting a credit institution.
What documents are needed?
The process of applying for a microloan for visiting citizens is quite simple, but a nonresident is required to provide a larger package of documents than for borrowers with citizenship.
- Passport of a citizen of his country.
- Temporary registration (registration).
- A certificate from the place of work with the specified salary is not always required.
- A surety or property as a security – not always required.
Also, a foreigner must be an adult, not have unsecured loans, criminal records. Good CI increases the chances of approving a loan. But you need to understand that non-resident credit companies will not give a big loan. The maximum amount a borrower can count on is 30 thousand dollars for a period of up to 30-40 days (provided that this period does not exceed the registration validity period). Otherwise, the conditions (interest rate, shares, bonuses, etc.) for visitors are the same as for s.
Is registration and nationality important?
Officially, microfinance does not separate borrowers on a national basis, and loans for all foreigners should be issued on the same terms. However, different MFIs have their own rules, partially based on stereotypes. Therefore, it cannot be argued 100 percent that loans for all visitors are issued on the same terms.
If we talk about registration, then without it it is impossible to get a loan. An MFI should know at what address to look for a borrower in case of late payment.
Recommendations for borrowers
- Responsibly choose the microfinance organization, credit conditions depend on it.
- If one MFI is refused, do not despair, but contact other organizations.
- Prepare everything you need to get a loan in advance, including a bank card.
- Having a certificate of employment increases the chances of approving a loan.
- Contact only legal microfinance organizations that are state-licensed and operate officially.
- Beware of scammers, they profit from gullible foreigners, luring them the last money. Remember that to get a loan you do not need to pay anything in advance. If you are asked to pay an advance, immediately pay interest on a loan or make another payment even before you receive a loan in your hands, then this is a hoax.
It is real to get loans for visitors . If banks meet only in exceptional cases, then microfinance organizations are actively engaged in lending to non-residents. The main thing is to fulfill all the conditions put forward by MFIs and beware of scammers who profit from gullible foreigners.